Why PetroChina (PTR) Stock Closed Higher Today

China's biggest energy companies stand to benefit from Russian President Putin's offer to sell a stake in the country's second-biggest oil project to "Chinese friends."

NEW YORK (TheStreet) -- Shares of PetroChina Co. (PTR) closed up 1.81% to $144.37 today after it was earlier reported that China's biggest energy companies stand to benefit from Russian President Putin's offer to sell a stake in the country's second-biggest oil project to "Chinese friends," Bloomberg reported.

"It's a huge opportunity for Chinese oil companies such as Sinopec (SNP) and PetroChina to get into upstream in Russia," said Simon Powell, head of oil and gas research as CLSA Ltd. in Hong Kong, referring to exploration and production, according to Bloomberg. "PetroChina and Sinopec have a lot of free cash and it's just across the border."

Russia is turning to China to spur its economy as relations sour with the U.S. and Europe over the Ukraine crisis, Bloomberg noted.

TheStreet Ratings team rates PETROCHINA CO LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate PETROCHINA CO LTD (PTR) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company shows low profit margins."